Blockchain-based technology expected to drive digital arts growth in China
"The First 5,000 Days" by American digital artist Beeple
The blockchain-based Non-Fungible Token technology (NFT) is expected to drive the development and popularity of digital arts in the domestic art market.
NFT is a unit of data stored on a blockchain that certifies a digital asset as unique and therefore not interchangeable.
NFTs can be used to represent items such as photos, videos, audio and other types of digital files.
"Music, films, sports souvenirs, fans economy and eSports equipment are expected to become encrypted digital artworks with NFT technology," Gu Zhenqing, a renowned art curator and critic told a forum over the weekend.
Guided by Shanghai's cultural innovation leading team office and the Hongkou District government's publicity department, the forum invited leading Chinese artists and experts to discuss the development of NFT-based art.
Leading domestic artists and experts share opinions on NFT-based art.
In March, Christie's became the first big auction house to sell an NFT artwork – "The First 5,000 Days" by American digital artist Beeple – which sold for cryptocurrencies valued at US$69 million.
"Digital and blockchain technologies will mainly attract young consumers, the main consumption force of the future digital art market," said Liu Boying, deputy director of the cultural innovation office.
NFT-based art became popular earlier this year amid the COVID-19 pandemic.
"Home quarantine makes people more reliant on the digital world," said Fei Jun, a professor at the Central Academy of Fine Arts. "More artists are expected to showcase their creativity with blockchain technology."
